KARACHI, July 25: The share market on Friday ran into weekend profit-selling as a section of investors shed an extra weight on selected counters but unlike the previous sessions, there were buyers at each dip under the lead of National Investment Trust (NIT). The KSE 100-share index was off 124.51 points at 11,032.17.

After having risen by 11.5 per cent during the last four sessions, the market took a normal technical breather linked to weekend considerations but investors are expected to resume the bull-run, where they had left it last Thursday, when the trading starts next week in the backdrop of terrible changes, notably the setting up of equity market fund of

Rs20 billion in the basic market fundamentals.

The KSE 100-share index suffered a decline of 124.51 points or 1.12 per cent at 11,032.17 as some of the leading base shares ran into active selling under the lead of oil shares, Arif Habib Securities, Bank Alfalah and National Bank.

At one stage, it fell below the resistance level of 11,000 at 10,944.50 from the early high of 11,308.71 but the strength of the MCB Bank and Pakistan Oilfields again pushed it well above the session’s low.

“The initial rise of well over 150 points in the index signaled that buying under the equity fund has made its debut on certain counters,” analysts said. “But the NIT support later followed the compulsions of the weekend session and allowed the technical factors to follow their own course”.

The weekend decline is considered a normal practice as a number of jobbers and weak holders, who were not inclined to take risk in the intervening closures, take profits at the available margins.

Most of the background news on the political and economic fronts are still disappointing but in no way they suggest that the rescue operation launched by the NIT as the manager of Equity market fund of Rs20 billion could falter half way, said broker.

But the NIT may take some more days to redefine its investment priorities and the new portfolios before assuming the role of a future market trend setter, he said.

But some others said there may not be liquidity problem what is lacking is the will to invest in share after having suffered a massive battering during the last two months. Investors need more morale boosters before they are tempted to re-enter the market to assist the NIT in its rescue operation, they added.

Among the top gainers, MCB Bank and Treet Corporation were prominent, up by Rs12.81 and 12.35, followed by Mehmood Textiles, Javedan Cement, Pak-Suzuki Motors, and Indus Motors, which posted gains ranging from Rs5 to 8.27.

Nestle Pakistan and Pakistan Services led the list of losers, off by Rs77.07 and Rs27. They were led by Clariant Pakistan, PSO, Thal Industries, Shell Pakistan, Attock Petroleum, Engro Chemical on selling prompted by below market expectations interim dividend of 20 per cent, National Refinery, JS Global, EFU General and JS & Co, off Rs8.24 to 20.59.

Trading volume showed a modest rise at 149m shares from the previous 144m shares but losers held sharp lead over the gainers at 167 to 93, with 21 shares holding on to the last levels.

D.G. Khan Cement led the list of actives, up by Rs1.19 at Rs60.25 on 10m shares followed by Arif Habib Securities, off Rs6.10 at Rs137.66 also on 10m shares, National Bank, easy by 24 paisa at Rs133 on 10m shares, NIB Bank, lower 40 paisa at Rs11 on 9m shares, OGDC, off Rs1.85 at Rs115.75 on 8m shares, Lucky Cement, off Rs3 at Rs87 on 6m shares, and Pakistan Oilfields, higher by Rs2.25 at Rs313 on 5m shares.

Bank Alfalah, followed them, off 66 paisa at Rs41.50 on 4m shares, Bank of Punjab, up by Rs1.24 at Rs26.04 on 5m shares and United Bank, higher by Rs1.72 at Rs80.20 on 4m shares.

FORWARD COUNTER: National Bank led the list of actives on this counter, lower by 72 paisa at Rs133.39 on 3m shares followed by PTCL, both settlements, off Rs164 and 1.92 at Rs37.26 and 38.58 for August and July contract on 3m and 2m shares, respectively.JS & Co followed them, sharply lower by Rs20.83 at Rs395.91, MCB Bank, which rose by Rs13.04 at Rs272.26 on 2m shares.

DEFAULTER COS: Zeal Pak Cement came in for active support and led the list of actives, up by five paisa at Rs2.35 on 2.461m shares followed by Norrie Textiles, easy by seven paisa at Rs1.87 on 0.564m shares. Others showed fractional price changes amid light business.

DIVIDEND: Engro Chemical Pakistan, cash interim, 20 per cent, Pakistan Strategic Fund, bonus at the rate of 70 paisa per certificate.